"Even though oil is below $100, Anadarko remains a great situation to own," Cramer said on "Squawk on the Street."

Adam Jeffery | CNBC

Jim Cramer

Why is Cramer so bullish on APC right now? There are several reasons actually.

CEO R.A. Walker said Tuesday the oil and gas company has mineral rights to another 8 million acres at an oil-rich shale in the United States, Cramer said. Anadarko already had a major presence at various shale deposits across the U.S., he said.

Meantime, it appears the "huge cloud" of litigation that had long hung over Anadarko has finally cleared, Cramer said.

The energy company could very well be a takeover target, too, he added.

"Look, I think they have tremendous assets. Wouldn't shock me if they sell the company," he said.

Elsewhere in the oil sector, Cramer said Whiting Petroleum is another "very inexpensive stock."